Silicon Motion Technology Co. (NASDAQ:SIMO – Get Free Report) was the target of a significant growth in short interest during the month of July. As of July 15th, there was short interest totalling 880,200 shares, a growth of 31.1% from the June 30th total of 671,400 shares. Currently, 2.6% of the shares of the company are short sold. Based on an average daily trading volume, of 355,300 shares, the short-interest ratio is currently 2.5 days.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on SIMO shares. Needham & Company LLC upped their price objective on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Morgan Stanley raised shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $59.00 to $88.00 in a research report on Monday, May 6th. B. Riley upped their price objective on shares of Silicon Motion Technology from $109.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Craig Hallum increased their price target on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Finally, StockNews.com raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Silicon Motion Technology currently has a consensus rating of “Buy” and a consensus target price of $93.13.
Read Our Latest Analysis on Silicon Motion Technology
Silicon Motion Technology Stock Performance
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last posted its earnings results on Thursday, May 2nd. The semiconductor producer reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.07. The company had revenue of $189.31 million for the quarter, compared to analyst estimates of $180.23 million. Silicon Motion Technology had a net margin of 8.34% and a return on equity of 7.78%. On average, equities analysts predict that Silicon Motion Technology will post 2.84 earnings per share for the current fiscal year.
Silicon Motion Technology Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.00 annualized dividend and a yield of 2.85%. Silicon Motion Technology’s dividend payout ratio (DPR) is presently 113.07%.
Institutional Investors Weigh In On Silicon Motion Technology
Hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC raised its holdings in shares of Silicon Motion Technology by 154.9% during the fourth quarter. Parallel Advisors LLC now owns 548 shares of the semiconductor producer’s stock worth $34,000 after acquiring an additional 333 shares during the period. Blue Trust Inc. grew its position in shares of Silicon Motion Technology by 3,971.4% in the 2nd quarter. Blue Trust Inc. now owns 570 shares of the semiconductor producer’s stock valued at $44,000 after acquiring an additional 556 shares during the period. Assetmark Inc. boosted its holdings in shares of Silicon Motion Technology by 34.5% during the 4th quarter. Assetmark Inc. now owns 1,332 shares of the semiconductor producer’s stock worth $82,000 after buying an additional 342 shares during the period. LRI Investments LLC bought a new stake in shares of Silicon Motion Technology during the 1st quarter worth about $150,000. Finally, Barometer Capital Management Inc. bought a new stake in shares of Silicon Motion Technology during the 4th quarter worth about $123,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.
Silicon Motion Technology Company Profile
Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.
Featured Articles
- Five stocks we like better than Silicon Motion Technology
- What is a Dividend Harvesting Strategy and How Can Investors Profit from it?
- Is Crypto Cool Again? What Stocks You Should Be Watching
- Stock Splits, Do They Really Impact Investors?
- Why Call Options Volume for These 2 Stocks Spiked Together
- Best of the list of Dividend Aristocrats: Build wealth with the aristocrat index
- MarketBeat Week in Review – 7/22 – 7/26
Receive News & Ratings for Silicon Motion Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Silicon Motion Technology and related companies with MarketBeat.com's FREE daily email newsletter.